EIB APPROVES LOAN TO SAAB AUTOMOBILE AB

Posted on 12. Feb, 2010 by in 2010-2019

This official press release just in from from Spyker Cars with regards to the EIB loan Approval.

EIB APPROVES LOAN TO SAAB AUTOMOBILE AB

ZEEWOLDE, The Netherlands (12 February, 2010) – The EIB has today approved a loan to Saab Automobile for €400 million. A statement on the EIB’s website reads:

The EIB has confirmed the authorisation to conclude the EUR 400 million loan to SAAB Automobile AB in accordance with the terms and conditions approved by the Board of Directors on 21 October 2009 and to conclude the guarantee agreement with the Swedish National Debt Office, as the loan is subject to a state guarantee which the Swedish Government approved on 26 January 2010. The EU Commission approved the Swedish state-guarantee for the Bank’s loan to SAAB on 8 February 2010.

Victor Muller, Spyker CEO said: “We are extremely pleased with the decision by the EIB as this was a crucial component in enabling the acquisition of Saab to proceed. Months of hard work have paid off. We cannot wait to close this transaction now as soon as practically possible. We extend our gratitude to the EIB officials who have worked relentlessly to make this happen.”

Jan Åke Jonsson, Saab CEO, said: “This represents another milestone along the path towards the creation of an independent Saab. This is very good news and everyone at Saab should feel very positive now.”

In a separate development, Spyker shareholders at an Extraordinary General Meeting in Zeewolde today approved the intended transaction to acquire Saab. The proposal was carried with an overwhelming majority.

Victor Muller said: “Today’s meeting went very smoothly and we spent a lot of time explaining the transaction in great detail. We also announced that we are currently investigating the possibilities of listing Spyker at the London Stock Exchange by means of a dual listing and possibly in the future in Stockholm, in which case the listing in Amsterdam would eventually be terminated. However, I stress that this is still in the investigation phase and no such decision has been made yet.

“We postponed the decision to change the name of Spyker Cars N.V. to Saab Spyker Automobiles because we need to reach agreement with Swedish aircraft manufacturer Saab AB on the possible use of the Saab trademark in our corporate name. We expect this issue to be resolved at Spyker’s Annual General Meeting, scheduled for April 22 2010.”

-Ends-

Tags: , , , , , , , , ,

2 Responses to “EIB APPROVES LOAN TO SAAB AUTOMOBILE AB”

  1. saablover123

    13. Feb, 2010

    Great!!! Now all that’s left is the closing of the deal.
    Griffin Up!

    Reply to this comment
  2. Osama Dajani

    13. Feb, 2010

    I and my Family owned and sold out Three different models of SAAB: SAAB 900 GLE (MY 1984), SAAB 9000 CDE (MY 1995), and SAAB 9-3 (MY 2001)
    The models were stylish, unique, rigid. However, In my point of view, SAAB couldn’t compete with other niche brands like Mercedes, BMW, Audi, and Jaguar for several reasons:
    1-Reputation and Brand Image: SAAB still doesn’t have that sound reputation in the Middle East. It is still not known to many people.
    2- Pricing: Last week, I visited SAAB’s showroom I was astonished when I visited SAAB showroom at KSA-Jeddah. The expected price of SAAB 9-5 2010 is almost SR 181,000, which is very expensive and beyond reach. Although SAAB is facing financial crisis, nevertheless, I think that SAAB needs to review the pricing policy and review the products market positioning. There are other competitors in the market which provide better value for money.
    2-Re-sale Value: SAAB cars depreciate very fast, and an owner could hardly retain a little of the initial investment especially after after 3 to 5 years of usage.
    3-Serviceability: SAAB cars are TROUBLE MAKERs. They run down very frequently, and the following defects were observed in several models: SAAB Engine Starter & Flywheel, Engine Water Coolant Pumps, Ignition and injection management system, defective Transmissions. The suspension is somehow noisy especially when ALL passengers are onboard, and when it’s loaded with luggage. The Handling of the car is still needs lots of Tuning in comparison with ALFAs, BMW’s, Mercedes, and others.
    It’s somehow sophisticated that this car has to be serviced at it’s agencies workshop, which is very expensive indeed. The
    4-Performance: Although SAAB is equipped with Turbo’s, the Auto-Transmissions of the car is not a Thriller.

    When SAAB was somehow cheap, the car was affordable, however, when SAAB increased their prices close to other niche brands, the sale went down drastically, and SAAB was save in the last moments from going Bankrupt and Extinct.

    Thank You,

    Reply to this comment

Leave a Reply



Production Concept